Singapore (ANTARA News) - Singapore state-linked investment company Temasek Holdings said Wednesday it has agreed to sell its 75 percent stake in Sorak Financial Holdings Pte Ltd, an investment vehicle that holds a 56 percent stake in Bank Internasional Indonesia (BII), to Malaysia's Malayan Banking Bhd (Maybank) for 1.5 billion US dollars.
The transaction is subject to regulatory approvals, Temasek unit Fullerton Financial Holdings said.
Temasek holds the Sorak stake through Fullerton Financial.
"The strategic and financial rationale for the acquisition is extremely compelling. The acquisition will transform our growth prospects in Indonesia and is a huge step forward in our strategy to regionalize our operations through investments in selected high-growth markets," said Aminuddin Desa, acting chief executive of Maybank.
"We are excited as the Indonesian banking sector remains under-penetrated, with excellent long-term growth potential," Desa told Thomson Financial.
"BII is well placed to capitalize on this growth potential given its strong market position, extensive multi-channel distribution network and high-quality customer base."
Maybank told the Malaysian stock exchange that it will make a general offer for the remaining 44 percent of BII, as required by the rules in Indonesia.
The bank said it will file its statement on the buyout offer, which is expected to cost 3.8 billion ringgit, with the Jakarta Stock Exchange and BII in due course.
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